The large cap stock has gained 21.70% during the last one year. 42 of 45 brokerages rate the stock "buy" or 'outperform', two "hold" and one "underperform", according to analysts' recommendations tracked by Reuters.

The ICICI Bank stock hit a fresh lifetime high today after global brokerage house Morgan Stanley maintained overweight call on the private sector lender. The stock hit its highest level of 383.35 in trade today compared to the previous close of 380.20 on the BSE.

The large cap stock has gained 21.70% during the last one year. 42 of 45 brokerages rate the stock "buy" or 'outperform', two "hold" and one "underperform", according to analysts' recommendations tracked by Reuters.

The stock is trading above its 50-day and 200 day moving average of 356.47 and 325.87, respectively.

"Asset quality continues to improve, and underlying earnings are accelerating," the brokerage said. It expects 15% return on equity in FY20 and said valuations for the stock are attractive.

International brokerage CLSA too has retained a buy call on the stock with a target price of Rs 450. It sees revival in earnings growth/and return on equities and faster compounding of adjusted book value per share. 17% compounded annual growth rate over FY19-21 vs 11% over FY17-19 will aid re-rating of valuations, the brokerage said.

The bank is well capitalised for growth over next 2-3 years and is likely to monetise stake in its subsidiaries, the brokerage said.

Mustafa Nadeem, CEO at Epic Research said, "ICICI Bank is showing strength among the private sector banks and that too when market was in a grip of correction that started in Q3 of 2018. The outperformance of this stock can be reflected in Nifty bank as an index. The stock is coming out of a larger rounding pattern that has formed over a year. This is a base building which is reflected in a long term and would certainly be seen lucrative for any investor that is looking to ride for a medium term to long term. In the medium term, the upside seems to be around 405-410. Anyone who wishes to hold for a longer period of 6-12 months should certainly expect 463 level."

The board of directors of ICICI Bank is scheduled to meet on January 30, 2019, to consider the approval of audited financial results for the quarter and nine months ended December 31, 2018.

Meanwhile, the Sensex and Nifty were trading flat in afternoon trade.

The Sensex rose 13 points higher at 35,993 level and Nifty was up 2 points to 10,804.